How BAYC, CryptoPunks have acted since Elon Musk’s latest decision

• On the 10th of January, X (formerly Twitter) silently removed support for NFT profile photos.
• The floor prices of CryptoPunks and the Bored Ape Yacht Club have since grown.

The floor prices of leading non-fungible token [NFT] projects have risen following X’s (formerly Twitter) decision to remove the option for paid subscribers to set NFTs as their profile pictures.

On the 10th of January, the social media platform quietly discontinued the feature and removed all content relating to NFT profile photos from its support page. 

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The Punks and the Apes do not care

According to data from NFT Price Floor, the values of the two leading collections by floor price, CryptoPunks and the Bored Ape Yacht Club (BAYC), have risen since this move.

At press time, an NFT from the CryptoPunks had sold for 57.77 ETH, rising 8% in the past three days. Likewise, the floor price of the BAYC collection had climbed by 7% within the same period.

As of this writing, the NFT collection had a floor price of 25.52 ETH.

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So far this year, the sales volume for CryptoPunks NFTs has totaled $8 million from 164 transactions, according to data from CryptoSlam.

On the 11th of January, the collection recorded a single-day high of $3 million in sales to mark its highest daily sales volume since the beginning of 2024.

Conversely, BAYC’s sales volume since the 1st of January has amounted to $10.27 million. On the 13th of January, it recorded a sales volume of $1.6 million, representing its highest daily sales volume since the year began, data from CryptoSlam showed. 

State of the general market

The year so far has seen an uptick in NFT trading activity. According to data from NFTGo, there has been a surge in trading volume and a corresponding rally in NFT market capitalization. 

Information from the NFT market analytics platform showed that since the 1st of January, the total volume of NFT sales across all collections has increased by 90%. For context, as of the 13th of January, this was $27.15 million.

At the beginning of the year, NFT sales volume was $14.37 million.

Due to the growth in trading volume, the NFT market capitalization has increased. Since the 1st of January, it has climbed by 3%. As of this writing, the sum of the market capitalization of all NFT collections stood at $8.13 billion.